Money-Pump Arguments - Johan E. Gustafsson eBook
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Suppose that you prefer A to B, B to C, and C to A. Your preferences violate Expected Utility Theory by being cyclic. Money-pump arguments offer a way to show that such violations are irrational. Suppose that you start with A. Then you should be willing to trade A for C and then C for B. But then, once you have B, you are offered a trade back to A for a small cost. Since you prefer A to B, you pay the small sum to trade from B to A. But now you have been turned into a money pump. You are back to the alternative you started with but with less money. This Element shows how each of the axioms of Expected Utility Theory can be defended by money-pump arguments of this kind. This title is also available as Open Access on Cambridge Core.

About the book
Author
Johan E.  Gustafsson
Imprint
Cambridge University Press
Collection
n.c
Publication date
2022-10-13
Pages
n.c
Print ISBN
9781108718950
Language
English
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EAN PDF
9781108608206
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£18.99
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File size 1116 Ko
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9781108604963
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File size 6339 Ko
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